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HRD-77-103 1 (1977-09-02)

handle is hein.gao/gaobaacrb0001 and id is 1 raw text is: DOCUMENT RESUME 0366is -PR~a~ rA435 i 8~- ell Management of the Semincle Employment Economic Development Cotporation. PRD-77-103; B-163922. September 2, 1977. 30 pp. + 2 appendices (2 pp.). Peport to Sen. Lawton Chiles, Chairmar, Senate Committee on Governmental Affairs: federal Spending Practices and Open Government Subccmmittee; Rep. Lou Frey, Jr.; Rep. Richard Kelly; Rep. Willie. V. Chappell, Jr.; by Elmer B. Staats, Comptroller General. Issue Area: Domestic Housing and Community Developmenti Economic Develcpment in Rural areas (2103). Contact: Human Resources Div- Budget Functionm Community and Region&! Development: Community Development (451). Organization Concerned: Community Services Administration; Department of Commerce; Department of Health, Education, and Welfare; Seminole Employment Economic Development Corp., Sanford, Fl. Congressional Relevance: Senate Committee on Governmental Affairs: Federal Spending Practices and Open Government Subcommittee. .,ep. Lou Frey, Jr.; Rep. Richard Kellyi Rep. William V. Chappell, Jr. Authority: Tconomic Opportunity Act of 1964, as amended (42 U.S.C. 2982; 42 U.S.C. 2763). Public Works and Economic revelopment Act of 1965 (42 U.S.C. 3246). Health £1aintene.nce Crganization Act of 1973 (42 U.S.C. 300e-2 (Supp. IV)). The Seminole Employment Economic Development Corpcration in Seminole County, Flori4a, is designed to help low-income ccmmunities cope with problems such as chronic unemployment and community deterioration by providing financial and technical assistance to business and social ventures serving them. Findings/Conclusions: Through June 1976, the corporation received Federal grants of about $4.3 million: $3.2 million from the Community Services Adminis-ration (CSA), $1. 1 million from the Department of Ccomerce, and $50,000 from the Department of Health, Education, and Welfare (BEW). Over $1.50 million from the CSA was invested in or loaded to a credit union, a property-hclding company, and eight businesset. The corporation and its businesses were providing employment for 67 people, temporary employment for 103 people, and seasonal employment for up to 160 people. T'!ree of the eight businesses were dissolved; none made a profit jver an extended period; and only three appeared to be prcgressing toward profitability. The corporation's inability to develop profitable businesses included the need for improvements in preparing feasibility studies, estimating business cash requirements, selecting m&nagersand establishing management information systems. Some corrective actions have been taken. (Author/HT)

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